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Wednesday, January 23, 2013

Tenkan Sen crossed above the Kijun sen about a week ago. Support is now at the Tenkan Sen. Price is far above the Kumo and there is still a good possibility of 1520 if a last buying frenzy should occur, but the target price has been attained.

Notice the level of the Kijun sen. It coordinates with last Wednesday's post which is still valid.
Today's White Spinning Top will need confirmation, but it sets up a bearish candle pattern, so I'm still standing by last Wednesday's post. Better yet might be to wait for price to break the Daily Kumo

I was looking at the Weekly EUR/USD. It too has a bullish cross but the Kumo is offering some resistance here. I may be wrong, Elliott Wave is not my forte but this looks like a bearish pattern.